SBV allows CIMB Group to provide banking services in the country.
The State Bank of Vietnam (SBV) has given the CIMB Group permission to provide wholesale, commercial, and consumer banking services in Vietnam via a wholly-owned subsidiary.
In a statement announced last weekend the Malaysian bank expressed its ambition to establish a branch network in Vietnam with a banking license for full operations. Customers, though, will have to wait until the second half of 2016 to experience the bank’s first fully operational branch, in Hanoi.
“We are delighted to receive the go-ahead from the SBV,” said Mr. Tengku Datuk Zafrul Abdul Aziz, CEO of the Group. “This approval allows us to expand our presence in Vietnam, a country that has shown resilient growth, backed by a large young population and growing middle class. With this foray into Vietnam we will be able to further solidify our position as the leading ASEAN bank and offer much-needed regional connectivity to intermediate trade and investment flows.”